BOI tasked on N2b loan

BOI tasked on N2b loan

By Fatima Muraina
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Ondo state Government has called on the Bank of Industry (BOI) to release the Federal Government’s loan facility of N2billion to the beneficiaries in the state.

The government declared that less than 30% beneficiaries have so far acquired the loan due to their inability to present the required document.

The Special Adviser to the Governor on Investment, supervising the State Ministry of Commerce and Industry, Mr Boye Oyewumi made the call in an Interview with The Hope in Akure.

Oyewumi, who spoke through the Director of Small Scale Industry at the ministry, Mr Ilesanmi Pelemo said the N2billion loan was released by the Federal government to promote small scale Industrialists in the state.

“Based on this, all Small Scale industries went through the ministry and we recommended them to BOI for accessment”, he noted.

He said the stringent condition of presenting landed property and document required by BOI denied beneficiaries of accessing the loan due to their inability to present the requirements.

It was reliably gathered that the CBN had earlier directed that the stringent condition be removed to consider those who are able to present guarantors, who must be civil servants, a Monarch or any prominent politicians.

Oyewumi also said the state government had advised the BOI against such stringent condition on presentation of collateral.

He disclosed that a new loan has been assigned to the CBN directly for Accessment which he highlighted as the ANCOP borrower and Agriculture business.

He disclosed that government has set up a committee to look into it and see how the people can benefit from the programme.

He urged the youths to always look out for information which he described as power, saying empowerment does not stop in giving money but getting the right information.

Oyewumi said, youths should be free to walk to the Department of Finance organisation (DFO) of the Central Bank of Nigeria where they will be abreast with issues relating to loan and their Accessment.